The basic mistake was that they bailed out the people who failed. The way the system was supposed to work, when people fail, smart, competent people come in, take over the assets, reorganize the assets, and start over again from a sound base. What they’re doing this time around is, when people fail, they take money away from the competent people and give it to the incompetent people, and say to the incompetent people, “OK, now you can compete with the competent people with their own money.
Jul 22, 2022·edited Jul 22, 2022Liked by Rudy Havenstein
Comedy. True comedy . . . comes from a place of absolute rage. That’s what makes you one of the best writers on Substack. I can no longer stomach anything Twatter, so for these, albeit less-frequent posts, I am truly grateful.
Their ability to obfuscate, blame shift and misdirect the completely justified anger of the peasants is simply breathtaking. For me, this has been the most frustrating aspect of this madness. You almost have to admire how good they are. Imagine if they used a tiny fraction of their talent and wealth to do something other than wallow in vanity and psychopathic excess.
One would also want to cheer for BlackRock losing 1.7 trillion reichsmarks, but then should realize its client's money, and I wish the latter would be a bit wiser after 2008 fiasko and an observation of past years development. It's a pain to bone marrow seeing the time and efforts simply melted, went wasted (your tweets on Weimar inflation regularly echoing in my mind), and is merely a beginning of a grandiose fanfair to the Grand Finale.
The places in green on the housing map where median home prices are not more than 4x median income are also the places the elites dis as flyover country. Actually, the rule of thumb in the 1990s when I was a first time homebuyer was 3x income. And I was able to do that doing software contract work in ... the Silicon Valley making good money but nothing outrageous. Today you'd need an inheritance or the lottery to buy that home based on Redfin estimates.
The disclosure form links for L.B. and J.P. work if you remove the `?utm_source=substack&utm_medium=email` at the end of the URL (which perhaps Substack automatically appends?)
From FT, “. . .investors remain broadly underweight assets that benefit the most from inflation: energy, materials, and industrial stocks, lower-quality credits, commodities and commodity-related countries, gold, . . .” Not me - been here long enough to ride the elevator down - intellectually I buy the strategy but in reality I feel I’ve picked the losing team. Will reason and industrious, honest, hard-work ever prevail again? A friend’s 22 year old son makes over $2k in tips a day bringing drinks to beach-goers in the Hamptons - talk about the impact of masks on children? What also the impact on this young man of obscene easy money for easy work?
Comedy. True comedy . . . comes from a place of absolute rage. That’s what makes you one of the best writers on Substack. I can no longer stomach anything Twatter, so for these, albeit less-frequent posts, I am truly grateful.
As always, timely and accurate
Their ability to obfuscate, blame shift and misdirect the completely justified anger of the peasants is simply breathtaking. For me, this has been the most frustrating aspect of this madness. You almost have to admire how good they are. Imagine if they used a tiny fraction of their talent and wealth to do something other than wallow in vanity and psychopathic excess.
The 50% inflation scenario was so good… and so scary. Nuts. Most people around me, no matter how educated, know nothing about all this.
One would also want to cheer for BlackRock losing 1.7 trillion reichsmarks, but then should realize its client's money, and I wish the latter would be a bit wiser after 2008 fiasko and an observation of past years development. It's a pain to bone marrow seeing the time and efforts simply melted, went wasted (your tweets on Weimar inflation regularly echoing in my mind), and is merely a beginning of a grandiose fanfair to the Grand Finale.
Checking the chronicles here and on cesspool.
Cheers, sir!🍻
Good one. Jim Rogers is awesome.
https://www.google.com/books/edition/The_Iceman_Cometh/cqPeDwAAQBAJ?hl=en&gbpv=1&printsec=frontcover
The Iceman Cometh, in spades.
The places in green on the housing map where median home prices are not more than 4x median income are also the places the elites dis as flyover country. Actually, the rule of thumb in the 1990s when I was a first time homebuyer was 3x income. And I was able to do that doing software contract work in ... the Silicon Valley making good money but nothing outrageous. Today you'd need an inheritance or the lottery to buy that home based on Redfin estimates.
The disclosure form links for L.B. and J.P. work if you remove the `?utm_source=substack&utm_medium=email` at the end of the URL (which perhaps Substack automatically appends?)
From FT, “. . .investors remain broadly underweight assets that benefit the most from inflation: energy, materials, and industrial stocks, lower-quality credits, commodities and commodity-related countries, gold, . . .” Not me - been here long enough to ride the elevator down - intellectually I buy the strategy but in reality I feel I’ve picked the losing team. Will reason and industrious, honest, hard-work ever prevail again? A friend’s 22 year old son makes over $2k in tips a day bringing drinks to beach-goers in the Hamptons - talk about the impact of masks on children? What also the impact on this young man of obscene easy money for easy work?